Maybank

Maybank My First Car Loan

Looking for affordable car loan? Maybank has made it very affordable to own a car with very low initial repayments and low salary requirements

    • Up to 9 years tenure
    • Fixed loan
    • Flat interest rate
    • Up to 100% margin of finance
  • ConditionOriginMaximum YearsMargin of FinanceInterest Rate
    NewLocal9 years100%3.4% p.a.
    Foreign9 years100%3.4% p.a.
    UsedLocal9 years100%4.25% p.a.
    Foreign9 years100%4.25% p.a.

Fees & Charges

There are always fees but how much are they?

Interest Rate for New Cars
from as low as 3.4% p.a., depending on car brand, borrowing amount, and period.
Interest Rate for Used Cars
from as low as 4.25% p.a., depending on car brand, borrowing amount, and period.
Stamp Duty
RM20
Photocopy Charges
RM10.60
Consent Letter
RM53.00
Early Settlement Fee
depends on agreed terms with the bank
Late Penalty Fee
8% p.a. of the outstanding amount

*inclusive of 6% GST

Requirements

Do you qualify for this loan?

Minimum annual income
RM24000
Minimum age
18 years old
Maximum age
30 years old
Who can Apply
  • Malaysians

Frequently Asked Questions about Maybank My First Car Loan

Things you might want to know

Is the Maybank EzyAuto Graduate Financing only for recent graduates?

Not necessarily! This car loan is available for graduates, undergraduates, government employees and teachers alike, aged between 18 and 30. For working individuals, you need to be employed for at least one month with a minimum salary of RM2000 per month.

How much can I borrow from Maybank?

Before answering that question, ask yourself how much you can afford. For a graduate loan, the bank will be able to finance up to 100% of the car's market price and give you up to nine years to pay back the loan.

What is this I hear about low monthly repayments?

Yes, you heard that right. Provided that you borrow no more than RM30000, which would be about average, you will pay very minimal amounts during your initial years. It's a special car loan that makes it easier for you to get a car when you can least afford it.

What happens if I don't make my car loan repayments?

With close to 400 branches nationwide, you'll be hard pressed to miss your repayments! But in the event that you do, there will be an 8% per year penalty on your late repayments. Failure to pay for two months straight will result in you not having a car because of repossession by the bank.

Can I opt for an early settlement?

Yes. You will be entitled to a rebate on the remaining profit. It may not be a substantial amount, but it's better than nothing!

Fair enough, what are the documents I need to apply?

New vehicle/unregistered reconditioned:

Copy of driving license
Passport/ employment letter for foreigner
Latest 2 months' salary slips
Latest EA/ EPF statement
3 months bank/passbook statement or ASB/ASN
Spouse details (NRIC and 2 months' salary slips)

Used vehicle:

Copy of NRIC
Copy of driving license
Passport/ employment letter for foreigner
Latest 2 months' salary slips
Latest EA/ EPF statement
3 months bank/passbook statement or ASB/ASN
Spouse details (NRIC and 2 months' salary slips)
NRIC and driving license of seller
Registration card
Proforma invoice

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